If the tenant is "inherited" they would not be eligible to apply pool funds to.I think the key to this one is figuring a fee structure that makes sense.

The MSL number is not valid any longer.We went and looked into the windows yesterday to find out that the home has been stripped, the entire kitchen, and all bathroom cub boards, granite counter tops, fixtures, appliances, even the kitchen sink is gone.We realize that this has dramatically reduced the value of this home and we would still like to make an offer on this home hire a out of work sub- contractor to work for cash and replace everything back the way it was.The question I have is when I looked up the property records the home is still listed in the person's name that has defaulted but the clerk and comptroller's office is showing that this person has a judgement against them on this property from back in December.Is it possible that the records have just not been updated quick enough to show that the bank now owns this home?

Warren, I was thinking the form disk ( Repair estimate sheet), kitchen / bathroom template....labour material and pricing how to structure and line up paperwork and outline the process of doing renovation...It is a reference manual that tells how to prescreen contractors...etc..

So to answer your question, yes it would be worth having a website set up to attract customers for entry only agreements.Here's how...You going to want to start out with figuring out how you are going to structure the account.

If you structure everything correctly, REI provides an excellent tax shelter that's legal.

If you buy that older home in the right area and do a little work to it you can usually close the gap on the rent difference by another 5-10%.On the older houses though you need to know what you are looking at as far as the structure of the building and the mechanics (plumbing, electrical, heat).

I also have a nice bound inspection report :D And as TC described, I had the same problem with the pipes in the upstairs bathroom of my first rental property.

But what about if you structure the deal like this:* conventional mortgage of 80% - vendor only has a mortgage of, say, 50% of purchase price, so the 30% cash they receive at closing covers realtor's commission etc* vendor carryback of 20% - vendor gets paid the remaining 20% as a balloon payment in 2 years, plus interest of 10% (or whatever is agreed)Why would a realtor be opposed to this kind of deal?

The picture above is the bathroom, where they squirted three full bottles of catsup all over the place.

You can end up owing SET (self employment tax), too, depending on how you structure it.